BONMARCHE may have been sold but uncertainty continues over which stores will survive the cuts while the search goes on for someone to save Peacocks.

The high street retail chain for women over 45 joined sister company Peacocks in administration on Friday but was immediately sold to private equity firm Sun European Partners (Sun) for a reported £10 million.

However the good news did not last long as Sun, which bought the entire chain apart from three stores, said it would close about 160 of the 230 shops, meaning 1,400 jobs are at risk.

It could be a double blow for the town as administrators KPMG said it was too early to release a list of Bonmarche stores that would close and that a buyer still had not been found for Peacocks, which employs 10 people in Hinckley.

Chris Laverty, joint administrator and restructuring partner at KPMG, said: “Given the hostile conditions on the high street, we’re pleased to have concluded a sale with Sun European Partners. The deal is a step forward in underscoring Bonmarche’s future.”

Bonmarche, founded in 1982, was part of the Peacocks Group, which last week collapsed into administration under its £750 million debt mountain in the biggest retail failure since Woolworths, placing 9,600 jobs in jeopardy.

But whereas administrators at KPMG were called in to take charge of the Peacocks chain, Bonmarche was kept out of administration to allow sale talks to continue.

Pre-pack deals, where a chain is placed into administration and immediately bought in a previously-arranged deal, are controversial because they allow the new buyers to take on the chain but write off many of its debts.

Vice-president of Sun, Matthias Gundlach, said it was working with current management to put “a sustainable growth programme” in place.

He added: “Bonmarche is a great brand that operates in an attractive niche of the apparel sector that we know very well.”

It is thought the deal will not only save the future of the high street firm but also allow administrators to focus on finding a buyer for Peacocks, which has 563 stores and 48 concessions.

Around 50 firms, including Sun and clothing firm Edinburgh Woollen Mill, are thought to have shown an interest in the chain, while Tesco is reported to be interested in some of its stores.